STRobot has taken an interesting short on GBPJPY it looks like a nice bounce off of the 38.2% fib level targeting the 61.8%. We have Carney speaking later do we have a head and shoulders reversal in progress?
I have also marked the Buy/SELL STRobot signals on this chart so you can see what it does. STRobot ofcourse trades automatically using entry orders. So the fake ones tend to be taken out because they never happen.
As you can see STRobot has a number of good entries on this chart – not forgetting he trades 40 currency pairs.
Target reached. Closed @ 62.50 pips profit!
Before I start, let me say that I took my biggest ever trade yesterday. 138 amazing PIPS GBPUSD sell taken off before Mark Carney’s speech.
So here we are this morning, for about 3 days EURAUD has been forming a head and shoulders reversal pattern, my Pro Act Traders charts this morning alerted me to a break below for a possible massive move down.
Incidentally I am sure this will go up slightly before it goes down (break-hook-go) as they fix the drop. There is a nice wide open space before. I actually probably entered early but that is ok – I should have entered at the hook after the retrace up.
Looking back, I couldn’t find EURAUD being this high for a long time. In fact the last time the pair were at this level was 2010, so not much history to go on.
Of course back in 2010 EURAUD was a LOT higher and fell massively. In fact AUD had been getting stronger and stronger.
Update – Hook complete now for bearish move.
Further update, look how they pushed it up to square up the big candle.
And finally although it took a while the Hook went down as predicted.
EURUSD had a quiet day yesterday but seems to be forming a bullish channel upwards, however, this is MUCH smaller than the bearish channel it came from. Also I have to say it does look like a bit of a head and shoulders/double top. I will be selling on break out bearish or at the top of the channel when it begins down again around 1.3060. I am not convinced that EUR have really got their act together and I think any bullish move could be short lived.